HUDSON COUNTY -- The proposed 2014 Formula One Grand Prix race, set to take place on the streets of Weehawken and West New York in June of that year, will not get any state subsidies, according to news reports published Tuesday.

The race might generate upwards of $100 million for the region’s economy. But Gov. Chris Christie said on Tuesday that the state of New Jersey will not contribute funds toward the event.

"The guy in charge of the race, he's told me that he doesn't need [funding from the taxpayers]," Christie was quoted as saying in an article on NJ.com. "I told him we're not giving them. So there's really not a discussion."

Some have speculated that the race can't go forward without such subsidies. But organizers said this is not true.

"Race progress, including permitting and course construction, continues to move forward and we are on pace for a world-class race in 2014," a race spokesman said in the NJ.com story. “America is a big country and we have always believed there can be multiple successful races here. There is something special about racing in New Jersey with the New York City skyline in the background that we know will make for an unforgettable Formula 1 experience.”